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Center City Retail Report, November 2023

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Center City's retail occupancy rates, pedestrian volumes, retail sales and jobs are continuing to rise and are approaching 2019 levels.By analyzing data on pedestrian volumes from both on-street sensors and Placer.Ai, tabulating the results on-street surveys of retail premises conducted Center City District (CCD) staff, reviewing data from state and federal sources, and from conversations with brokers and retailers, this comprehensive 19-page report includes the following key findings:

  • In October, daily foot traffic in core Center City reached 83% of 2019 levels, while residents reached 126% and non-resident workers reached 68% of the level measured in February 2020.
  • The return of major downtown employers like Comcast to an in-person workforce four days a week has produced a steady increase in foot traffic within the West Market office district, with total 2023 pedestrian volumes in October 2023 up 18% over October 2022.
  • 84.5% of storefronts within the Center City District are open for business as of October, approaching the 89% peak occupancy levels of 2019 and up from a low of 54.5% in June 2020.
  • 2023 is on pace to be the third consecutive year of positive net openings in Center City: 80 new retail, restaurants and service-oriented businesses have opened this year, with at least 28 more coming soon.
  • Digital-native brands opening brick-and-mortar stores, along with new grocery stores, are hallmarks of Center City retail expansion in recent years and are clear indicators of a strong and growing residential downtown population.

 

For more details including comparative charts, retail maps and a list of new and upcoming business openings, download the report- Center City Retail Report, November 2023

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